Economics, Econometrics and Finance
8 years ago

Normalization of price system leads to simplified demand functions for consumers.

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RePEc: Research Papers in Economics
The Natural Projection
Yves Balasko

Paper Summary

The researchers found that by setting the price system to S=++ℓ−1×{1}S = _{ + + }^{\ell - 1} \times \left\{ 1 \right\}S=++ℓ−1​×{1}, they could simplify the analysis. They also made an assumption about demand functions to streamline their research.

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